N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number              811-08510             

                             Matthews International Funds                             

(Exact name of registrant as specified in charter)

Four Embarcadero Center, Suite 550

                                San Francisco, CA 94111                                

(Address of principal executive offices) (Zip code)

William J. Guilfoyle, President

Four Embarcadero Center, Suite 550

                                San Francisco, CA 94111                                

(Name and address of agent for service)

Registrant’s telephone number, including area code: 415-788-6036

Date of fiscal year end:   December 31

Date of reporting period:   March 31, 2008

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

MATTHEWS ASIA PACIFIC FUND	March 31, 2008
SCHEDULE OF INVESTMENTSa (UNAUDITED)

COMMON EQUITIES: 99.7%
	SHARES		VALUE
JAPAN: 41.9%
Funai Zaisan Consultants Co., Ltd.+		7,081		$	12,463,347
Unicharm Petcare Corp.		351,600			11,189,351
Benesse Corp.		228,100			10,764,131
Nintendo Co., Ltd.		18,800			9,836,247
Yahoo! Japan Corp.		17,612			9,255,987
Ichiyoshi Securities Co., Ltd.		764,900			7,745,445
Nomura Research Institute, Ltd.		282,800			7,442,387
Sysmex Corp.		198,500			7,218,104
Pigeon Corp.		334,300			6,986,516
Sekisui House, Ltd.		738,000			6,894,569
Mitsubishi Estate Co., Ltd.		280,000			6,862,469
Sony Corp. ADR		170,300			6,823,921
The Sumitomo Trust & Banking Co., Ltd.		907,000			6,285,779
Point, Inc.		126,150			5,981,914
Nitto Denko Corp.		137,700			5,854,901
Daibiru Corp.		598,700			5,742,053
GCA Savvian Group Corp.b		1,424			5,128,571
Nidec Corp.		79,500			4,905,769
Sumitomo Realty & Development Co., Ltd.		270,000			4,810,213
Takeda Pharmaceutical Co., Ltd.		95,600			4,799,320
ORIX Corp.		32,620			4,498,831
Hoya Corp.		189,400			4,475,119
Toyota Motor Corp. ADR		38,200			3,853,998
Canon, Inc. ADR		82,650			3,832,481
Keyence Corp.		14,600			3,397,218
Takeuchi Manufacturing Co., Ltd.		131,600			2,715,068
Toray Industries, Inc.		356,000			2,333,352
Total Japan					172,097,061
CHINA/HONG KONG: 20.1%
China Mobile, Ltd. ADR		124,800			9,361,248
Hang Lung Group, Ltd.		1,379,000			6,591,030
Lenovo Group, Ltd.		9,610,000			6,273,686
China Merchants Bank Co., Ltd. H Shares		1,625,000			5,707,812
Dairy Farm International Holdings, Ltd.		1,256,400			5,579,955
Shangri-La Asia, Ltd.		1,988,000			5,420,298
China Life Insurance Co., Ltd. H Shares		1,528,000			5,308,323
LDK Solar Co., Ltd. ADRb		193,800			5,232,600
China Vanke Co., Ltd. B Shares		2,076,114			4,651,112
Pico Far East Holdings, Ltd.		37,582,000			4,467,147
Television Broadcasts, Ltd.		788,000			4,242,001
The9, Ltd. ADRb		199,300			4,085,650
Ctrip.com International, Ltd. ADR		73,900			3,918,178
NetEase.com, Inc. ADRb		194,800			3,742,108
China Merchants Holdings International Co., Ltd.		622,000			2,982,136
Ping An Insurance (Group) Co. of China, Ltd. H Shares		408,500			2,934,455
Dongfeng Motor Group Co., Ltd. H Shares		5,012,000			2,277,125
Total China/Hong Kong					82,774,864
SOUTH KOREA: 10.3%
Hanmi Pharmaceutical Co., Ltd.		51,654			8,128,960
Shinhan Financial Group Co., Ltd.		113,517			5,996,988
Kiwoom Securities Co., Ltd.		100,715			5,751,362
NHN Corp.b		22,470			5,276,556
Amorepacific Corp.		8,804			4,769,460
Hyundai Department Store Co., Ltd.		45,970			4,436,249
CDNetworks Co., Ltd.b		255,243			4,118,431
Hana Financial Group, Inc.		95,420			3,910,981
Total South Korea					42,388,987

INDIA: 9.0%
Sun Pharmaceutical Industries, Ltd.b	394,073		12,191,757
Dabur India, Ltd.	2,973,060		8,219,176
HDFC Bank, Ltd.	221,500		7,469,635
Infosys Technologies, Ltd.	125,678		4,536,980
Bharti Airtel, Ltd.b	153,131		3,166,643
Financial Technologies India, Ltd.	30,015		1,201,583
Total India			36,785,774
THAILAND: 5.0%
Land & Houses Public Co., Ltd.	22,417,300		7,293,325
Advanced Info Service Public Co., Ltd.	1,945,100		6,200,473
Major Cineplex Group Public Co., Ltd.	7,285,400		4,221,298
Siam Commercial Bank Public Co., Ltd.	1,014,400		2,996,322
Total Thailand			20,711,418
SINGAPORE: 3.8%
DBS Group Holdings, Ltd.	519,700		6,843,590
Hyflux, Ltd.	2,130,812		4,703,109
Fraser and Neave, Ltd.	1,162,000		4,137,823
Total Singapore			15,684,522
AUSTRALIA: 3.5%
AXA Asia Pacific Holdings, Ltd.	1,424,589		7,192,774
Tabcorp Holdings, Ltd.	297,625		3,861,069
Computershare, Ltd.	437,302		3,504,998
Total Australia			14,558,841
TAIWAN: 3.5%
Taiwan Secom Co., Ltd.	3,579,160		7,389,023
Taiwan Semiconductor Manufacturing Co., Ltd.	3,393,029		7,021,793
Total Taiwan			14,410,816
INDONESIA: 2.6%
Bank Rakyat Indonesia	7,889,500		5,446,254
PT Astra International	1,925,500		5,111,947
Total Indonesia			10,558,201
TOTAL INVESTMENTS: 99.7%			409,970,484
(Cost $371,608,199c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.3%			1,348,266
NET ASSETS: 100.0%		$	411,318,750

^a Certain securities were fair valued under the discretion of the Board of Trustees (Note A).

^b Non-income producing security

^c Cost of investments is $371,608,199 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	85,303,771
Gross unrealized depreciation		(46,941,486)
Net unrealized appreciation	$	38,362,285

^† Affiliated Issuer, as defined under the Investment Company Act of 1940

(ownership of 5% or more of the outstanding voting securities of this issuer)

ADR American Depositary Receipt

See accompanying notes to schedules of investments.

MATTHEWS ASIA PACIFIC EQUITY INCOME FUND	March 31, 2008
SCHEDULE OF INVESTMENTSa (UNAUDITED)

COMMON EQUITIES: 95.9%
	SHARES		VALUE
CHINA/HONG KONG: 20.3%
CLP Holdings, Ltd.		289,500		$	2,395,562
BOC Hong Kong Holdings, Ltd.		966,000			2,347,194
Hang Seng Bank, Ltd.		113,900			2,076,642
ASM Pacific Technology, Ltd.		242,000			1,757,950
Café de Coral Holdings, Ltd.		912,000			1,751,594
Television Broadcasts, Ltd.		287,000			1,544,993
VTech Holdings, Ltd.		302,000			1,475,445
Sa Sa International Holdings, Ltd.		3,800,000			1,425,951
Next Media, Ltd.		3,460,000			1,357,026
Pico Far East Holdings, Ltd.		10,696,000			1,271,369
Huaneng Power International, Inc. H Shares		836,000			639,445
Huaneng Power International, Inc. ADR		17,500			534,450
Total China/Hong Kong					18,577,621
JAPAN: 19.2%
Lawson, Inc.		75,700			3,363,760
The Sumitomo Trust & Banking Co., Ltd.		383,000			2,654,304
Benesse Corp.		54,800			2,586,034
Monex Beans Holdings, Inc.		3,694			2,126,634
Eisai Co., Ltd.		58,100			2,000,430
Hisamitsu Pharmaceutical Co., Inc.		36,000			1,320,467
Takeda Pharmaceutical Co., Ltd.		24,700			1,239,992
Tokyu REIT, Inc.		155			1,173,240
Hitachi Koki Co., Ltd.		92,000			1,184,142
Total Japan					17,649,003
TAIWAN: 15.4%
Taiwan Semiconductor Manufacturing Co., Ltd.		1,876,298			3,882,954
Cyberlink Corp.		535,000			2,348,341
Chunghwa Telecom Co., Ltd.		857,727			2,264,327
President Chain Store Corp.		485,000			1,662,032
Giant Manufacturing Co., Ltd.		647,000			1,636,602
Taiwan Secom Co., Ltd.		609,000			1,257,254
Johnson Health Tech Co., Ltd.		325,000			608,787
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		50,087			514,394
Total Taiwan					14,174,691
SINGAPORE: 8.2%
Singapore Press Holdings, Ltd.		831,000			2,789,280
Venture Corp., Ltd.		240,000			1,852,960
Parkway Life REIT		1,430,868			1,243,371
Singapore Post, Ltd.		1,142,000			958,298
Yellow Pages (Singapore), Ltd.		1,067,000			642,657
Total Singapore					7,486,566
AUSTRALIA: 7.0%
AXA Asia Pacific Holdings, Ltd.		323,439			1,633,049
Billabong International, Ltd.		130,951			1,558,839
Coca-Cola Amatil, Ltd.		179,498			1,397,013
Insurance Australia Group, Ltd.		320,121			1,077,528
Tabcorp Holdings, Ltd.		61,523			798,134
Total Australia					6,464,563
MALAYSIA: 6.4%
Media Prima BHD		3,235,900			2,296,845
Public Bank BHD		676,000			2,225,039
Berjaya Sports Toto BHD		811,200			1,310,919
Total Malaysia					5,832,803

UNITED KINGDOM: 4.0%
HSBC Holdings PLC ADR	26,900		2,213,870
HSBC Holdings PLC	90,800		1,489,264
Total United Kingdom			3,703,134
INDIA: 3.7%
Ashok Leyland, Ltd.b	1,895,000		1,681,982
HCL-Infosystems, Ltd.	230,167		931,252
Chennai Petroleum Corp., Ltd.	105,000		736,683
Total India			3,349,917
SOUTH KOREA: 3.5%
Hana Financial Group, Inc.	37,640		1,542,751
SK Telecom Co., Ltd.	4,488		849,557
SK Telecom Co., Ltd. ADR	36,300		784,443
Total South Korea			3,176,751
THAILAND: 3.4%
Advanced Info Service Public Co., Ltd.	540,600		1,723,292
PTT Public Co., Ltd.	136,500		1,378,431
Total Thailand			3,101,723
PHILIPPINES: 3.0%
Globe Telecom, Inc.	77,320		2,795,168
Total Philippines			2,795,168
INDONESIA: 1.8%
PT Telekomunikasi Indonesia ADR	25,200		1,056,888
PT Telekomunikasi Indonesia	559,000		589,673
Total Indonesia			1,646,561
TOTAL COMMON EQUITIES			87,958,501
(Cost $85,590,060)
PREFERRED EQUITIES: 1.7%
JAPAN: 1.7%
Ito En, Ltd., Pfd.	140,400		1,582,395
Total Japan			1,582,395
TOTAL PREFERRED EQUITIES			1,582,395
(Cost $1,555,339)
TOTAL INVESTMENTS: 97.6%			89,540,896
(Cost $87,145,399c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 2.4%			2,194,515
NET ASSETS: 100.0%		$	91,735,411

^a Certain securities were fair valued under the discretion of the Board of Trustees (Note A).

^b Non-income producing security

^c Cost of investments is $87,145,399 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	8,338,788
Gross unrealized depreciation		(5,943,291)
Net unrealized appreciation	$	2,395,497

ADR American Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to schedules of investments.

MATTHEWS PACIFIC TIGER FUND	March 31, 2008
SCHEDULE OF INVESTMENTSa (UNAUDITED)

COMMON EQUITIES: 99.4%
	SHARES		VALUE
CHINA/HONG KONG: 32.6%
Lenovo Group, Ltd.		138,688,000		$	90,539,537
Swire Pacific, Ltd. A Shares		7,522,500			85,254,113
Hang Lung Group, Ltd.		17,425,000			83,284,051
NWS Holdings, Ltd.		22,523,636			76,559,117
Shangri-La Asia, Ltd.		19,672,000			53,635,862
Television Broadcasts, Ltd.		9,420,700			50,713,980
Dairy Farm International Holdings, Ltd.		10,937,300			48,575,010
Tencent Holdings, Ltd.		8,362,000			48,254,540
Dah Sing Financial Holdings, Ltd.		6,845,600			45,123,820
Ping An Insurance (Group) Co. of China, Ltd. H Shares		6,101,000			43,826,467
NetEase.com, Inc. ADRb		2,190,600			42,081,426
China Mobile, Ltd. ADR		551,250			41,349,263
China Merchants Bank Co., Ltd. H Shares		11,316,500			39,749,205
Travelsky Technology, Ltd. H Shares+		40,812,000			30,472,911
China Vanke Co., Ltd. B Shares		13,482,943			30,205,799
Integrated Distribution Services Group, Ltd.		10,711,000			30,053,574
Agile Property Holdings, Ltd.		27,518,000			29,382,166
Dongfeng Motor Group Co., Ltd. H Shares		56,326,000			25,590,849
Ctrip.com International, Ltd. ADR		431,575			22,882,107
Towngas China Co., Ltd.b		52,667,000			22,354,787
Dickson Concepts International, Ltd.+		32,715,400			22,335,156
Glorious Sun Enterprises, Ltd.		41,262,000			20,177,930
China Resources Enterprise, Ltd.		5,000,000			16,224,476
Focus Media Holding, Ltd. ADRb		436,800			15,353,520
Dynasty Fine Wines Group, Ltd.+		69,688,000			15,235,907
Total China/Hong Kong					1,029,215,573
SOUTH KOREA: 16.8%
NHN Corp.b		362,280			85,073,017
Amorepacific Corp.		129,948			70,397,735
Hanmi Pharmaceutical Co., Ltd.+		444,747			69,991,299
Hana Financial Group, Inc.		1,645,983			67,463,935
MegaStudy Co., Ltd.		159,301			53,131,793
S1 Corp.		926,932			48,197,115
Yuhan Corp.		223,067			41,955,892
Samsung Securities Co., Ltd.		525,760			38,805,231
Hyundai Development Co.		532,704			36,627,234
ON*Media Corp.b		4,834,370			18,116,078
Total South Korea					529,759,329
INDIA: 16.1%
Cipla, Ltd.		15,174,720			83,597,826
Sun Pharmaceutical Industries, Ltd.b		2,679,886			82,909,810
Dabur India, Ltd.		28,958,736			80,057,899
HDFC Bank, Ltd.		1,952,568			65,846,363
Infosys Technologies, Ltd.		1,585,051			57,220,394
Bharti Airtel, Ltd.b		2,185,402			45,192,605
Titan Industries, Ltd.		1,436,318			38,057,188
Bank of Baroda		4,077,022			29,028,806
Sintex Industries, Ltd.		2,527,653			22,628,301
Sun Pharma Advanced Research Co., Ltd.b		1,237,128			2,629,427
Total India					507,168,619
SINGAPORE: 10.0%
DBS Group Holdings, Ltd.		6,035,750			79,480,854
Hyflux, Ltd.+		29,616,187			65,368,580
Fraser and Neave, Ltd.		17,479,750			62,244,508
Parkway Holdings, Ltd.		19,591,050			46,043,301
Keppel Land, Ltd.		10,416,000			42,385,526
Tat Hong Holdings, Ltd.		12,197,000			19,781,621
Total Singapore					315,304,390

THAILAND: 8.2%
Advanced Info Service Public Co., Ltd.	27,238,600		86,829,580
Land & Houses Public Co., Ltd.	156,102,800		50,787,046
Bank of Ayudhya Public Co., Ltd. NVDRb	61,539,600		45,414,147
Bangkok Bank Public Co., Ltd.	9,724,700		43,118,060
Amata Corp. Public Co., Ltd.+	59,894,900		32,149,398
Total Thailand			258,298,231
INDONESIA: 6.1%
PT Bank Central Asia	139,891,000		49,736,763
PT Telekomunikasi Indonesia	45,799,000		48,312,023
PT Kalbe Farma	355,674,000		38,072,885
PT Astra International	13,289,730		35,282,470
PT Telekomunikasi Indonesia ADR	265,000		11,114,100
PT Ramayana Lestari Sentosa	115,194,000		10,196,973
Total Indonesia			192,715,214
TAIWAN: 5.1%
President Chain Store Corp.	28,591,000		97,977,643
Taiwan Semiconductor Manufacturing Co., Ltd.	24,767,053		51,254,828
Hon Hai Precision Industry Co., Ltd.	1,814,000		10,443,559
Total Taiwan			159,676,030
MALAYSIA: 4.0%
Resorts World BHD	50,148,500		54,198,479
Public Bank BHD	16,107,900		53,018,797
Top Glove Corp. BHD+	15,609,880		19,168,738
Total Malaysia			126,386,014
PHILIPPINES: 0.5%
SM Prime Holdings, Inc.	70,208,117		14,336,198
Total Philippines			14,336,198
TOTAL COMMON EQUITIES: 99.4%			3,132,859,598
(Cost $2,299,665,682)
RIGHTS: 0.0%
MALAYSIA: 0.0%
Resorts World BHD, expire 04/11/08	5,014,850		797,829
Total Malaysia			797,829
TOTAL RIGHTS			797,829
(Cost $)
TOTAL INVESTMENTS: 99.4%			3,133,657,427
(Cost $2,299,665,682c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.6%			19,409,562
NET ASSETS: 100.0%		$	3,153,066,989

^a Certain securities were fair valued under the discretion of the Board of Trustees (Note A).

^b Non-income producing security

^c Cost of investments is $2,299,665,682 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	976,905,267
Gross unrealized depreciation		(142,913,522)
Net unrealized appreciation	$	833,991,745

^† Affiliated Issuer, as defined under the Investment Company Act of 1940

(ownership of 5% or more of the outstanding voting securities of this issuer)

ADR American Depositary Receipt

NVDR Non-voting Depositary Receipt

See accompanying notes to schedules of investments.

MATTHEWS ASIAN GROWTH AND INCOME FUND	March 31, 2008
SCHEDULE OF INVESTMENTSa (UNAUDITED)

COMMON EQUITIES: 76.6%
	SHARES		VALUE
CHINA/HONG KONG: 23.9%
CLP Holdings, Ltd.		7,839,700		$	64,872,157
Hang Seng Bank, Ltd.		3,307,500			60,302,837
HongKong Electric Holdings, Ltd.		6,090,500			38,652,205
Television Broadcasts, Ltd.		6,280,000			33,806,808
Café de Coral Holdings, Ltd.		17,353,100			33,328,492
Hang Lung Group, Ltd.		6,586,000			31,478,265
PCCW, Ltd.		48,711,000			30,758,784
Giordano International, Ltd.		66,675,000			27,004,401
ASM Pacific Technology, Ltd.		3,700,500			26,881,379
Next Media, Ltd.		68,536,000			26,880,089
CITIC Pacific, Ltd.		6,095,000			26,091,427
Hong Kong & China Gas Co., Ltd.		7,775,900			23,526,461
Vitasoy International Holdings, Ltd.		50,051,000			21,861,296
Hang Lung Properties, Ltd.		5,935,920			21,314,420
I-CABLE Communications, Ltd.+		129,801,000			19,537,438
Sa Sa International Holdings, Ltd.		22,898,000			8,592,482
VTech Holdings, Ltd.		571,000			2,789,666
China-Hong Kong Photo Products Holdings, Ltd.		14,998,003			1,334,586
Total China/Hong Kong					499,013,193
SINGAPORE: 15.4%
Singapore Press Holdings, Ltd.		22,741,500			76,332,631
Fraser and Neave, Ltd.		13,504,100			48,087,419
DBS Group Holdings, Ltd.		3,650,000			48,064,469
Ascendas REIT		23,690,000			41,544,441
Parkway Holdings, Ltd.		14,242,200			33,472,321
Singapore Post, Ltd.		29,248,000			24,543,161
Parkway Life REIT		26,137,110			22,712,179
Cerebos Pacific, Ltd.		8,208,000			22,644,056
Yellow Pages (Singapore), Ltd.		6,638,000			3,998,087
Total Singapore					321,398,764
TAIWAN: 13.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		31,839,352			65,890,782
Far EasTone Telecommunications Co., Ltd.		31,474,611			53,789,261
Chunghwa Telecom Co., Ltd. ADR		2,009,404			52,284,692
President Chain Store Corp.		13,653,000			46,787,057
Cathay Financial Holding Co., Ltd.		9,352,705			24,007,052
Taiwan Secom Co., Ltd.		9,745,779			20,119,745
Chunghwa Telecom Co., Ltd.		3,073,960			8,114,996
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		200,000			2,054,000
Total Taiwan					273,047,585
SOUTH KOREA: 6.7%
SK Telecom Co., Ltd.		243,608			46,113,814
Hana Financial Group, Inc.		751,889			30,817,688
KT Corp.		505,730			24,042,560
KT Corp. ADR		718,800			17,071,500
SK Telecom Co., Ltd. ADR		522,200			11,284,742
Daehan City Gas Co., Ltd.		280,300			8,914,991
G11R, Inc.		309,540			2,658,580
Total South Korea					140,903,875
THAILAND: 5.2%
Advanced Info Service Public Co., Ltd.		18,935,000			60,359,861
BEC World Public Co., Ltd.		47,386,400			43,028,478
Thai Reinsurance Public Co., Ltd.		25,672,800			4,892,387
Total Thailand					108,280,726

AUSTRALIA: 3.3%
Insurance Australia Group, Ltd.			10,161,357		34,203,144
AXA Asia Pacific Holdings, Ltd.			6,744,925		34,055,241
Total Australia					68,258,385
UNITED KINGDOM: 3.0%
HSBC Holdings PLC ADR			717,900		59,083,170
HSBC Holdings PLC			196,800		3,227,833
Total United Kingdom					62,311,003
JAPAN: 2.7%
Nippon Building Fund, Inc. REIT			2,865		36,509,594
Japan Real Estate Investment Corp. REIT			1,760		20,654,190
Total Japan					57,163,784
INDONESIA: 1.9%
PT Telekomunikasi Indonesia ADR			745,500		31,266,270
PT Tempo Scan Pacific			139,445,000		9,171,616
Total Indonesia					40,437,886
PHILIPPINES: 1.4%
Globe Telecom, Inc.			856,190		30,951,826
Total Philippines					30,951,826
TOTAL COMMON EQUITIES					1,601,767,027
(Cost $1,210,409,099)
PREFERRED EQUITIES: 2.3%
SOUTH KOREA: 2.3%
Hyundai Motor Co., Ltd., Pfd.			566,280		17,774,718
Hyundai Motor Co., Ltd., 2nd Pfd.			305,760		10,100,297
Samsung Fire & Marine Insurance Co., Ltd., Pfd.			119,550		9,993,591
LG Household & Health Care, Ltd., Pfd.			177,830		9,875,953
Total South Korea					47,744,559
TOTAL PREFERRED EQUITIES					47,744,559
(Cost $19,413,954)
INTERNATIONAL DOLLAR BONDS: 19.7%
	FACE AMOUNT
CHINA/HONG KONG: 6.2%
Hongkong Land CB 2005, Ltd., Cnv.
2.750%, 12/21/12		$	49,200,000		58,732,500
China Petroleum & Chemical Corp., Cnv.
0.000%, 04/24/14			305,950,000	c	42,319,155
Brilliance China Finance, Ltd. Cnv.
0.000%, 06/07/11			14,950,000		16,579,550
FU JI Food and Catering Services Holdings, Ltd., Cnv.
0.000%, 10/18/10			119,000,000	c	12,940,316
Total China/Hong Kong					130,571,521

MALAYSIA: 6.0%
Rafflesia Capital, Ltd., Cnv.
1.250%d, 10/04/11	42,100,000		51,067,300
Cherating Capital, Ltd., Cnv.
2.000%, 07/05/12	44,900,000		46,471,500
Prime Venture Labuan, Ltd., Cnv.
1.000%, 12/12/08	11,170,000		15,755,285
YTL Power Finance Cayman, Ltd., Cnv.
0.000%, 05/09/10	9,400,000		11,879,250
Total Malaysia			125,173,335
INDIA: 5.9%
Ranbaxy Laboratories, Ltd., Cnv.
0.000%, 03/18/11	33,326,000		36,783,572
Tata Motors, Ltd., Cnv.
1.000%, 04/27/11	27,349,000		31,341,954
Reliance Communications, Ltd., Cnv.
0.000%, 05/10/11	22,290,000		28,832,115
Sun Pharmaceutical Industries, Ltd., Cnv.
0.000%, 11/26/09	13,269,000		25,692,008
Total India			122,649,649
SOUTH KOREA: 1.6%
SK Telecom Co., Ltd., Cnv.
0.000%, 05/27/09	29,430,000		32,667,300
Total South Korea			32,667,300
TOTAL INTERNATIONAL DOLLAR BONDS			411,061,805
(Cost $380,806,326)
TOTAL INVESTMENTS: 98.6%			2,060,573,391
(Cost $1,610,629,379e)
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.4%			28,444,786
NET ASSETS: 100.0%		$	2,089,018,177

^a Certain securities were fair valued under the discretion of the Board of Trustees (Note A).

^b Non-income producing security

^c Face amount reflects principal in local currency.

^d Variable rate security. The rate represents the rate in effect at March 31, 2008.

^e Cost of investments is $1,610,629,379 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	490,987,096
Gross unrealized depreciation		(41,043,084)
Net unrealized appreciation	$	449,944,012

^† Affiliated Issuer, as defined under the Investment Company Act of 1940

(ownership of 5% or more of the outstanding voting securities of this issuer)

ADR American Depositary Receipt

Cnv. Convertible

Pfd. Preferred

REIT Real Estate Investment Trust

See accompanying notes to schedules of investments.

MATTHEWS ASIAN TECHNOLOGY FUND	March 31, 2008
SCHEDULE OF INVESTMENTSa (UNAUDITED)

COMMON EQUITIES: 99.8%
	SHARES		VALUE
CHINA/HONG KONG: 28.3%
China Mobile, Ltd. ADR		120,000		$	9,001,200
Tencent Holdings, Ltd.		1,142,800			6,594,749
Baidu.com, Inc. ADRb		27,300			6,541,899
Ctrip.com International, Ltd. ADR		99,100			5,254,282
New Oriental Education & Technology Group, Inc. ADRb		80,700			5,234,202
Sina Corp.b		122,800			4,328,700
The9, Ltd. ADRb		186,408			3,821,364
Perfect World Co., Ltd. ADRb		167,324			3,799,928
Focus Media Holding, Ltd. ADRb		77,300			2,717,095
China Communications Services Corp., Ltd. H Sharesb		3,680,000			2,523,922
Kingdee International Software Group Co., Ltd.		3,102,000			2,401,183
BYD Electronic (International) Co., Ltd.b		1,693,500			2,161,823
China High Speed Transmission Equipment Group Co., Ltd.b		377,000			555,238
Alibaba.com, Ltd.b		3,000			6,289
Total China/Hong Kong					54,941,874
JAPAN: 21.5%
Nintendo Co., Ltd.		15,085			7,892,542
Yahoo! Japan Corp.		11,166			5,868,292
Sony Corp.		140,800			5,663,209
Nikon Corp.		145,000			3,880,859
Mixi, Inc.b		342			3,545,607
Sumco Corp.		149,300			3,292,577
Canon, Inc. ADR		60,400			2,800,748
Nomura Research Institute, Ltd.		106,000			2,789,579
Nitto Denko Corp.		54,900			2,334,307
Ibiden Co., Ltd.		49,500			1,963,260
Murata Manufacturing Co., Ltd.		31,500			1,580,189
Total Japan					41,611,169
SOUTH KOREA: 18.2%
NHN Corp.b		42,195			9,908,513
Samsung Electronics Co., Ltd.		13,322			8,424,199
JVM Co., Ltd.		113,990			5,185,897
LG Electronics, Inc.		28,834			3,705,682
SSCP Co., Ltd.b		138,297			3,163,849
CDNetworks Co., Ltd.b		184,653			2,979,438
ON*Media Corp.b		499,330			1,871,164
Total South Korea					35,238,742
INDIA: 13.6%
Bharti Airtel, Ltd.b		274,373			5,673,844
Rolta India, Ltd.		584,443			3,830,864
Infosys Technologies, Ltd.		94,815			3,422,825
Tata Consultancy Services, Ltd.		166,542			3,387,899
Glenmark Pharmaceuticals, Ltd.		275,691			3,372,719
Television Eighteen India, Ltd.		281,976			2,811,882
Sun Pharmaceutical Industries, Ltd.b		68,365			2,115,064
Info Edge India, Ltd.		83,290			1,792,578
Total India					26,407,675
TAIWAN: 12.8%
MediaTek, Inc.		402,970			5,352,639

Hon Hai Precision Industry Co., Ltd.	905,261		5,211,768
Synnex Technology International Corp.	1,710,000		4,689,677
Epistar Corp.	1,240,643		3,484,202
InnoLux Display Corp.	1,158,258		3,095,651
Taiwan Semiconductor Manufacturing Co., Ltd.	1,459,930		3,021,290
Total Taiwan			24,855,227
THAILAND: 1.9%
Advanced Info Service Public Co., Ltd.	1,131,100		3,605,653
Total Thailand			3,605,653
INDONESIA: 1.8%
PT Telekomunikasi Indonesia ADR	84,600		3,548,124
Total Indonesia			3,548,124
MALAYSIA: 1.7%
Media Prima BHD	4,534,700		3,218,734
Total Malaysia			3,218,734
TOTAL INVESTMENTS: 99.8%			193,427,198
(Cost $172,788,344c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.2%			313,629
NET ASSETS: 100.0%		$	193,740,827

^a Certain securities were fair valued under the discretion of the Board of Trustees (Note A).

^b Non-income producing security

^c Cost of investments is $172,788,344 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	39,420,713
Gross unrealized depreciation		(18,781,859)
Net unrealized appreciation	$	20,638,854

ADR American Depositary Receipt

See accompanying notes to schedules of investments.

MATTHEWS CHINA FUND	March 31, 2008
SCHEDULE OF INVESTMENTSa (UNAUDITED)

COMMON EQUITIES: CHINA/HONG KONG: 100.0%
	SHARES		VALUE
CONSUMER DISCRETIONARY: 21.0%
Hotels, Restaurants & Leisure: 4.3%
Café de Coral Holdings, Ltd.		14,728,100		$	28,286,898
Shangri-La Asia, Ltd.		7,315,600			19,946,041
China Travel International Investment HK, Ltd.		38,412,000			15,662,836
					63,895,775
Distributors: 3.4%
China Resources Enterprise, Ltd.		9,648,000			31,306,748
Li & Fung, Ltd.		5,001,200			18,733,513
					50,040,261
Automobiles: 2.7%
Dongfeng Motor Group Co., Ltd. H Shares		88,928,000			40,403,065
Textiles, Apparel & Luxury Goods: 2.6%
Ports Design, Ltd.		7,813,500			22,277,948
Glorious Sun Enterprises, Ltd.		33,994,000			16,623,735
					38,901,683
Media: 2.3%
Television Broadcasts, Ltd.		2,542,000			13,684,220
Clear Media, Ltd.b		10,128,000			8,488,976
Pico Far East Holdings, Ltd.		49,062,000			5,831,706
AirMedia Group, Inc. ADRb		357,600			5,685,840
					33,690,742
Diversified Consumer Services: 1.8%
New Oriental Education & Technology Group, Inc. ADRb		411,800			26,709,348
Specialty Retail: 1.6%
Belle International Holdings, Ltd.		23,204,000			24,287,902
Leisure Equipment & Products: 1.3%
Li Ning Co., Ltd.		6,686,500			19,033,981
Multiline Retail: 1.0%
Golden Eagle Retail Group, Ltd.		17,277,000			14,299,353
Total Consumer Discretionary					311,262,110
FINANCIALS: 19.6%
Real Estate Management & Development: 9.1%
China Vanke Co., Ltd. B Shares		20,838,980			46,685,509
Swire Pacific, Ltd. A Shares		3,676,000			41,660,900
Hang Lung Group, Ltd.		6,545,000			31,282,302
Agile Property Holdings, Ltd.		13,704,000			14,632,357
					134,261,068
Commercial Banks: 6.7%
China Merchants Bank Co., Ltd. H Shares		10,342,000			36,326,274
BOC Hong Kong Holdings, Ltd.		10,270,500			24,955,337
China Construction Bank Corp. H Shares		25,560,000			19,306,908
Bank of Communications Co., Ltd. H Shares		16,264,000			19,278,649
					99,867,168
Insurance: 3.8%
Ping An Insurance (Group) Co. of China, Ltd. H Shares		4,619,500			33,184,128
China Life Insurance Co., Ltd. H Shares		6,747,000			23,439,302
					56,623,430
Total Financials					290,751,666

INDUSTRIALS: 12.7%
Transportation Infrastructure: 4.3%
GZI Transport, Ltd.	38,869,000	18,509,308
China Merchants Holdings International Co., Ltd.	3,732,581	17,895,601
COSCO Pacific, Ltd.	7,530,000	14,817,286
Beijing Capital International Airport Co., Ltd. H Shares	13,332,000	12,223,947
		63,446,142
Industrial Conglomerates: 3.1%
NWS Holdings, Ltd.	13,739,276	46,700,579
Construction & Engineering: 1.7%
China Communications Construction Co., Ltd. H Shares	10,709,000	23,982,825
China Railway Construction Corp., Ltd. H Sharesb	1,500,000	2,062,280
		26,045,105
Electrical Equipment: 1.5%
China High Speed Transmission Equipment Group Co., Ltd.b	14,850,000	21,870,790
Machinery: 1.1%
Shanghai Zhenhua Port Machinery Co., Ltd. B Shares	11,989,906	16,319,173
Airlines: 1.0%
Air China, Ltd. H Shares	16,937,900	14,508,872
Total Industrials		188,890,661
INFORMATION TECHNOLOGY: 12.3%
Internet Software & Services: 5.3%
Sina Corp.b	1,156,900	40,780,725
NetEase.com, Inc. ADRb	997,000	19,152,370
Tencent Holdings, Ltd.	3,159,000	18,229,621
Alibaba.com, Ltd.b	5,000	10,482
		78,173,198
Computers & Peripherals: 3.1%
Lenovo Group, Ltd.	41,066,000	26,809,072
TPV Technology, Ltd.	31,868,000	18,926,791
		45,735,863
Software: 2.1%
Kingdee International Software Group Co., Ltd.+	25,736,000	19,921,618
The9, Ltd. ADRb	532,300	10,912,150
		30,833,768
Communications Equipment: 1.2%
ZTE Corp. H Shares	3,955,800	18,814,475
IT Services: 0.6%
Travelsky Technology, Ltd. H Shares	12,178,000	9,092,892
Total Information Technology		182,650,196
UTILITIES: 10.5%
Gas Utilities: 3.7%
Hong Kong & China Gas Co., Ltd.	17,925,540	54,234,819
Independent Power Producers & Energy Traders: 3.5%
Huaneng Power International, Inc. H Shares	29,550,000	22,602,389
Datang International Power Generation Co., Ltd. H Shares	41,794,000	22,460,213
Huaneng Power International, Inc. ADR	213,400	6,517,236
		51,579,838
Electric Utilities: 3.3%
Cheung Kong Infrastructure Holdings, Ltd.	12,222,500	49,344,684
Total Utilities		155,159,341

ENERGY: 7.8%
Oil, Gas & Consumable Fuels: 6.3%
CNOOC, Ltd.	23,549,000		34,692,438
China Shenhua Energy Co., Ltd. H Shares	6,286,000		25,456,255
PetroChina Co., Ltd. H Shares	14,780,000		18,505,434
China Petroleum & Chemical Corp. (Sinopec) H Shares	16,242,000		14,050,260
			92,704,387
Energy Equipment & Services: 1.5%
China Oilfield Services, Ltd. H Shares	13,420,000		22,318,593
Total Energy			115,022,980
TELECOMMUNICATION SERVICES: 7.7%
Wireless Telecommunication Services: 6.4%
China Mobile, Ltd.	4,545,083		68,288,555
China Mobile, Ltd. ADR	359,500		26,966,095
			95,254,650
Diversified Telecommunication Services: 1.3%
China Communications Services Corp., Ltd. H Sharesb	27,438,000		18,818,305
Total Telecommunication Services			114,072,955
CONSUMER STAPLES: 6.0%
Food Products: 3.6%
Tingyi (Cayman Islands) Holding Corp.	24,305,000		32,032,536
China Yurun Food Group, Ltd.	17,085,000		21,728,169
			53,760,705
Food & Staples Retailing: 1.3%
Lianhua Supermarket Holdings Co., Ltd. H Shares+	13,648,000		18,748,169
Beverages: 1.1%
Tsingtao Brewery Co., Ltd. H Shares	5,727,000		17,075,814
Total Consumer Staples			89,584,688
MATERIALS: 2.4%
Construction Materials: 1.9%
China National Building Material Co., Ltd. H Shares	11,604,000		27,784,447
Paper & Forest Products: 0.5%
Nine Dragons Paper Holdings, Ltd.	10,157,000		8,352,064
Total Materials			36,136,511
TOTAL INVESTMENTS: 100.0% (Cost $1,271,244,799c)			1,483,531,108
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS: (0.0%)			(243,285	)
NET ASSETS: 100.0%		$	1,483,287,823

^a Certain securities were fair valued under the discretion of the Board of Trustees (Note A).

^b Non-income producing security

^c Cost of investments is $1,271,244,799 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	318,143,278
Gross unrealized depreciation		(105,856,969)
Net unrealized appreciation	$	212,286,309

† Affiliated Issuer, as defined under the Investment Company Act of 1940

(ownership of 5% or more of the outstanding voting securities of this issuer)

ADR American Depositary Receipt

See accompanying notes to schedules of investments.

MATTHEWS INDIA FUND	March 31, 2008
SCHEDULE OF INVESTMENTSa (UNAUDITED)

COMMON EQUITIES: INDIA: 96.2%
	SHARES		VALUE
FINANCIALS: 15.6%
Commercial Banks: 9.5%
HDFC Bank, Ltd.		983,033		$	33,150,778
Axis Bank, Ltd.		1,499,200			29,767,841
Corporation Bank		3,159,331			22,171,810
Oriental Bank of Commerce		2,196,834			9,787,376
HDFC Bank, Ltd. ADR		10,000			982,400
					95,860,205
Thrifts & Mortgage Finance: 2.0%
Housing Development Finance Corp.		337,473			20,134,196
Real Estate Management & Development: 1.8%
Unitech, Ltd.		2,588,777			17,945,651
Diversified Financial Services: 1.2%
SREI Infrastructure Finance, Ltd.		3,525,000			11,997,422
Capital Markets: 0.7%
IL&FS Investsmart, Ltd.		2,256,457			6,670,124
Consumer Finance: 0.4%
Shriram Transport Finance Co., Ltd.		450,000			3,821,373
Total Financials					156,428,971
INFORMATION TECHNOLOGY: 14.5%
IT Services: 11.0%
Infosys Technologies, Ltd.		1,372,615			49,551,448
Wipro, Ltd.		1,947,435			21,078,465
Rolta India, Ltd.		2,898,990			19,002,088
HCL-Infosystems, Ltd.		3,903,185			15,792,220
Infosys Technologies, Ltd. ADR		129,500			4,632,215
					110,056,436
Internet Software & Services: 1.9%
Info Edge (India), Ltd.		566,727			12,197,172
Sify Technologies, Ltd. ADRb		1,669,624			7,446,523
					19,643,695
Software: 1.6%
Financial Technologies (India), Ltd.		399,855			16,007,291
Total Information Technology					145,707,422
CONSUMER DISCRETIONARY: 14.5%
Media: 5.8%
HT Media, Ltd.		3,477,688			15,038,974
SunTV Network, Ltd.		1,467,816			11,194,632
Zee Entertainment Enterprises, Ltd.		1,443,908			8,871,055
Television Eighteen India, Ltd.		801,847			7,996,068
Dish TV India, Ltd.b		3,362,097			4,165,069
PVR, Ltd.b		819,751			3,911,842
Inox Leisure, Ltd.		1,448,127			3,610,687
Wire and Wireless India, Ltd.b		3,395,454			3,073,877
					57,862,204
Automobiles: 2.4%
Mahindra & Mahindra, Ltd.		1,352,500			23,638,794
Multiline Retail: 1.8%
Vishal Retail, Ltd.b		876,436			18,251,360
Hotels, Restaurants & Leisure: 1.5%
Indian Hotels Co., Ltd.		5,333,200			15,037,031
Household Durables: 1.0%
Voltas, Ltd.		2,311,750			10,419,477
Textiles, Apparel & Luxury Goods: 1.0%
Titan Industries, Ltd.		369,589			9,792,760
Auto Components: 1.0%
Bharat Forge, Ltd.		1,466,000			9,769,976
Total Consumer Discretionary					144,771,602

INDUSTRIALS: 13.3%
Machinery: 6.3%
Ashok Leyland, Ltd.b	32,811,277	29,122,937
Jain Irrigation Systems, Ltd.	1,281,590	18,922,602
Thermax, Ltd.	905,000	13,700,281
Tata Motors, Ltd. ADR	72,600	1,134,012
		62,879,832
Industrial Conglomerates: 2.2%
Siemens India, Ltd.	942,414	14,616,457
MAX India, Ltd.b	2,135,602	7,894,190
		22,510,647
Construction & Engineering: 2.0%
Larsen & Toubro, Ltd.	266,330	20,310,803
Building Products: 2.0%
Sintex Industries, Ltd.	2,166,834	19,398,142
Air Freight & Logistics: 0.8%
Gati, Ltd.	3,281,339	7,992,130
Total Industrials		133,091,554
HEALTH CARE: 11.1%
Pharmaceuticals: 11.1%
Sun Pharmaceutical Industries, Ltd.b	1,319,260	40,815,018
Glenmark Pharmaceuticals, Ltd.	3,208,570	39,252,664
Cipla, Ltd.	5,489,657	30,242,627
Sun Pharma Advanced Research Co., Ltd.b	594,260	1,263,057
Total Health Care		111,573,366
CONSUMER STAPLES: 10.2%
Personal Products: 7.2%
Dabur India, Ltd.	19,286,659	53,318,950
Marico, Ltd.	11,124,720	18,859,376
		72,178,326
Household Products: 2.6%
Hindustan Unilever, Ltd.	4,637,269	26,451,646
Beverages: 0.4%
Radico Khaitan, Ltd.	1,542,000	4,258,049
Total Consumer Staples		102,888,021
TELECOMMUNICATION SERVICES: 6.7%
Wireless Telecommunication Services: 6.7%
Bharti Airtel, Ltd.b	1,969,191	40,721,510
Reliance Communications, Ltd.	2,049,755	26,192,372
Total Telecommunication Services		66,913,882
UTILITIES: 6.3%
Gas Utilities: 4.2%
Gail (India), Ltd.	3,726,501	39,853,722
Gujarat State Petronet Ltd.	1,750,000	2,479,401
		42,333,123
Electric Utilities: 2.1%
CESC, Ltd.	2,006,117	20,596,144
Total Utilities		62,929,267

ENERGY: 4.0%
Oil, Gas & Consumable Fuels: 4.0%
Reliance Industries, Ltd.			379,371		21,379,098
Chennai Petroleum Corp., Ltd.			2,717,744		19,067,774
Total Energy					40,446,872
TOTAL COMMON EQUITIES: INDIA					964,750,957
(Cost $788,101,722)
RIGHTS: 0.1%
CONSUMER DISCRETIONARY: 0.1%
Hotels, Restaurants & Leisure: 0.1%
Indian Hotels Co., Ltd., Equity Shares, expire 04/15/08			1,066,640		1,121,939
Indian Hotels Co., Ltd., 6% Non-Cnv. Debentures, expire 04/15/08			533,320		-
Total Consumer Discretionary					1,121,939
TOTAL RIGHTS					1,121,939
(Cost $)
INTERNATIONAL DOLLAR BONDS: 3.6%
	FACE AMOUNT
CONSUMER DISCRETIONARY: 1.7%
Automobiles: 1.7%
Mahindra & Mahindra, Ltd., Cnv.
0.000%, 04/14/11		$	15,000,000		16,950,000
Total Consumer Discretionary					16,950,000
HEALTHCARE: 1.1%
Pharmaceuticals: 1.1%
Ranbaxy Laboratories, Ltd., Cnv.
0.000%, 03/18/11			10,000,000		11,037,500
Total Health Care					11,037,500
CONSUMER STAPLES: 0.8%
Beverages: 0.8%
Radico Khaitan, Ltd., Cnv.
3.500%, 07/27/11			7,000,000		7,700,000
Total Consumer Staples					7,700,000
TOTAL INTERNATIONAL DOLLAR BONDS					35,687,500
(Cost $36,961,199)
TOTAL INVESTMENTS: 99.9%					1,001,560,396
(Cost $825,062,921c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.1%					826,898
NET ASSETS: 100.0%				$	1,002,387,294

^a Certain securities were fair valued under the discretion of the Board of Trustees (Note A).

^b Non-income producing security

^c Cost of investments is $825,062,921 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	239,075,037
Gross unrealized depreciation		(62,577,562)
Net unrealized appreciation	$	176,497,475

ADR American Depositary Receipt

Cnv. Convertible

See accompanying notes to schedules of investments.

MATTHEWS JAPAN FUND	March 31, 2008
SCHEDULE OF INVESTMENTSa (UNAUDITED)

COMMON EQUITIES: JAPAN: 99.1%
	SHARES		VALUE
FINANCIALS: 25.7%
Real Estate Management & Development: 8.1%
Funai Zaisan Consultants Co., Ltd.		2,409		$	4,240,108
Mitsubishi Estate Co., Ltd.		168,000			4,117,482
Daibiru Corp.		332,300			3,187,045
Sumitomo Realty & Development Co., Ltd.		137,000			2,440,738
Shoei Co., Ltd.		113,080			1,426,923
JOINT Corp.		96,400			627,846
					16,040,142
Commercial Banks: 6.0%
The Sumitomo Trust & Banking Co., Ltd.		529,000			3,666,127
The Chiba Bank, Ltd.		435,000			2,977,308
The Joyo Bank, Ltd.		518,000			2,649,596
Mitsubishi UFJ Financial Group, Inc.		217,630			1,903,789
Mitsubishi UFJ Financial Group, Inc. ADR		66,100			575,070
					11,771,890
Real Estate Investment Trusts: 4.5%
Tokyu REIT, Inc.		258			1,952,877
Nomura Real Estate Office Fund, Inc., REIT		233			1,898,057
Japan Logistics Fund, Inc., REIT		267			1,792,791
United Urban Investment Corp., REIT		273			1,707,242
Global One Real Estate Investment Corp., REIT		143			1,610,336
					8,961,303
Capital Markets: 3.5%
Ichiyoshi Securities Co., Ltd.		369,200			3,738,552
GCA Savvian Group Corp.b		881			3,172,943
					6,911,495
Insurance: 2.0%
The Fuji Fire & Marine Insurance Co., Ltd.		1,440,000			3,857,489
Consumer Finance: 1.6%
ORIX Corp.		22,330			3,079,672
Total Financials					50,621,991
INFORMATION TECHNOLOGY: 20.5%
Electronic Equipment & Instruments: 7.9%
Keyence Corp.		17,870			4,158,101
Nidec Corp.		45,400			2,801,534
Murata Manufacturing Co., Ltd.		55,000			2,759,061
Hoya Corp.		95,500			2,256,462
Ohara, Inc.		113,900			2,055,107
Topcon Corp.		184,300			1,469,805
					15,500,070
Software: 3.9%
Nintendo Co., Ltd.		11,915			6,233,983
NSD Co., Ltd.		99,100			1,452,932
					7,686,915
IT Services: 2.2%
Nomura Research Institute, Ltd.		164,600			4,331,743
Internet Software & Services: 2.0%
Yahoo! Japan Corp.		7,680			4,036,224
Office Electronics: 1.9%
Canon, Inc. ADR		79,450			3,684,097

Computers & Peripherals: 1.5%
Melco Holdings, Inc.	172,500	2,957,552
Semiconductors & Semiconductor Equipment: 1.1%
Sumco Corp.	100,800	2,222,985
Total Information Technology		40,419,586
CONSUMER DISCRETIONARY: 19.7%
Household Durables: 6.1%
Sekisui House, Ltd.	438,000	4,091,899
Sony Corp. ADR	75,900	3,041,313
Matsushita Electric Industrial Co., Ltd.	112,000	2,434,545
Sony Corp.	60,000	2,413,299
		11,981,056
Specialty Retail: 3.6%
Nitori Co., Ltd.	66,100	3,754,682
Point, Inc.	70,090	3,323,602
		7,078,284
Diversified Consumer Services: 3.1%
Benesse Corp.	127,900	6,035,653
Hotels, Restaurants & Leisure: 3.0%
Pacific Golf Group International Holdings KKb	3,058	3,221,703
Doutor Nichires Holdings Co., Ltd.	136,300	2,700,666
		5,922,369
Automobiles: 2.7%
Toyota Motor Corp. ADR	53,100	5,357,259
Multiline Retail: 1.2%
The Daiei, Inc.b	395,800	2,356,843
Total Consumer Discretionary		38,731,464
INDUSTRIALS: 15.0%
Machinery: 6.4%
Fanuc, Ltd.	37,800	3,626,303
Mitsubishi Heavy Industries, Ltd.	756,000	3,264,275
OSG Corp.	205,100	2,390,046
OKUMA Corp.	183,000	1,984,539
Takeuchi Manufacturing Co., Ltd.	67,000	1,382,291
		12,647,454
Commercial Services & Supplies: 3.0%
Park24 Co., Ltd.	203,300	2,014,509
Daiseki Co., Ltd.	65,890	1,987,641
Secom Co., Ltd.	36,800	1,810,745
		5,812,895
Road & Rail: 1.8%
East Japan Railway Co.	416	3,468,846
Trading Companies & Distributors: 1.8%
Mitsubishi Corp.	112,900	3,454,292
Airlines: 1.4%
Japan Airlines Corp.b	1,101,000	2,871,032
Construction & Engineering: 0.6%
JGC Corp.	78,000	1,197,017
Total Industrials		29,451,536

HEALTH CARE: 7.1%
Health Care Equipment & Supplies: 5.6%
Sysmex Corp.	129,400		4,705,404
Nakanishi, Inc.	28,300		2,916,717
Terumo Corp.	54,000		2,842,310
ASAHI INTECC Co., Ltd.	88,400		539,176
			11,003,607
Pharmaceuticals: 1.5%
Takeda Pharmaceutical Co., Ltd.	60,400		3,032,206
Total Health Care			14,035,813
CONSUMER STAPLES: 6.8%
Food Products: 3.6%
Unicharm Petcare Corp.	224,000		7,128,597
Household Products: 3.2%
Pigeon Corp.	303,900		6,351,188
Total Consumer Staples			13,479,785
MATERIALS: 3.2%
Chemicals: 2.7%
Toray Industries, Inc.	488,000		3,198,527
Nitto Denko Corp.	50,100		2,130,214
			5,328,741
Construction Materials: 0.5%
Taiheiyo Cement Corp.	420,000		1,023,030
Total Materials			6,351,771
TELECOMMUNICATION SERVICES: 0.6%
Wireless Telecommunication Services: 0.6%
KDDI Corp.	177		1,088,705
Total Telecommunication Services			1,088,705
ENERGY: 0.5%
Oil and Gas Consumable Fuels: 0.5%
Inpex Holdings, Inc.	90		1,017,303
Total Energy			1,017,303
TOTAL INVESTMENTS: 99.1%			195,197,954
(Cost $215,607,843c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.9%			1,708,458
NET ASSETS: 100.0%		$	196,906,412

^a Certain securities were fair valued under the discretion of the Board of Trustees (Note A).

^b Non-income producing security

^c Cost of investments is $215,607,843 and net unrealized depreciation consists of:

Gross unrealized appreciation	$	14,414,512
Gross unrealized depreciation		(34,824,401)
Net unrealized depreciation	$	(20,409,889)

ADR American Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to schedules of investments.

MATTHEWS KOREA FUND	March 31, 2008
SCHEDULE OF INVESTMENTSa (UNAUDITED)

COMMON EQUITIES: SOUTH KOREA: 99.1%
	SHARES		VALUE
FINANCIALS: 23.2%
Commercial Banks: 11.7%
Shinhan Financial Group Co., Ltd.		163,708		$	8,648,528
Hana Financial Group, Inc.		161,762			6,630,142
Kookmin Bank		114,498			6,426,491
Kookmin Bank ADR		13,839			775,676
					22,480,837
Capital Markets: 7.3%
Samsung Securities Co., Ltd.		91,602			6,760,949
Kiwoom Securities Co., Ltd.		92,750			5,296,518
Korea Investment Holdings Co., Ltd.		43,413			2,048,208
					14,105,675
Insurance: 4.2%
Samsung Fire & Marine Insurance Co., Ltd.		38,847			8,053,650
Total Financials					44,640,162
INFORMATION TECHNOLOGY: 17.0%
Semiconductors & Semiconductor Equipment: 9.2%
Samsung Electronics Co., Ltd.		27,904			17,645,163
Internet Software & Services: 6.8%
NHN Corp.b		41,914			9,842,526
CDNetworks Co., Ltd.b		204,765			3,303,952
					13,146,478
Electronic Equipment & Instruments: 1.0%
Thinkware Systems Corp.b		61,568			2,010,579
Total Information Technology					32,802,220
INDUSTRIALS: 13.7%
Construction & Engineering: 4.1%
GS Engineering & Construction Corp.		26,932			3,974,395
Samsung Engineering Co., Ltd.		24,209			2,256,670
Hyundai Development Co.		22,988			1,580,590
					7,811,655
Industrial Conglomerates: 3.7%
Samsung Techwin Co., Ltd.		77,540			4,240,128
Orion Corp.		16,695			2,871,570
					7,111,698
Commercial Services & Supplies: 3.2%
S1 Corp.		119,944			6,236,655

Machinery: 2.7%
JVM Co., Ltd.	113,754	5,175,160
Total Industrials		26,335,168
CONSUMER DISCRETIONARY: 12.7%
Media: 2.7%
Cheil Communications, Inc.	13,070	3,152,888
ON*Media Corp.b	539,530	2,021,808
		5,174,696
Multiline Retail: 2.6%
Hyundai Department Store Co., Ltd.	51,820	5,000,793
Automobiles: 2.2%
Hyundai Motor Co.	53,999	4,312,299
Household Durables: 2.2%
LG Electronics, Inc.	31,362	4,030,575
Intelligent Digital Integrated Security Co., Ltd.	13,104	263,085
		4,293,660
Auto Components: 1.8%
Hankook Tire Co., Ltd.	222,250	3,535,785
Hotels, Restaurants & Leisure: 1.2%
Modetour Network, Inc.	64,844	2,239,996
Total Consumer Discretionary		24,557,229
HEALTH CARE: 10.5%
Pharmaceuticals: 10.5%
Daewoong Pharmaceutical Co., Ltd.b	64,807	7,121,247
Hanmi Pharmaceutical Co., Ltd.	39,256	6,177,846
Yuhan Corp.	31,319	5,890,681
Dong-A-Pharmaceutical Co., Ltd.	8,949	955,028
Total Health Care		20,144,802
CONSUMER STAPLES: 9.9%
Food & Staples Retailing: 5.4%
Shinsegae Co., Ltd.	10,709	6,763,406
Shinsegae Food Co., Ltd.	62,465	3,758,017
		10,521,423
Personal Products: 2.9%
Amorepacific Corp.	10,254	5,554,978
Beverages: 1.6%
Hite Brewery Co., Ltd.	26,715	3,016,396
Total Consumer Staples		19,092,797

TELECOMMUNICATION SERVICES: 5.3%
Wireless Telecommunication Services: 3.9%
SK Telecom Co., Ltd.	29,288		5,544,077
SK Telecom Co., Ltd. ADR	89,500		1,934,095
			7,478,172
Diversified Telecommunication Services: 1.4%
KT Corp.	38,460		1,828,400
KT Corp. ADR	36,900		876,375
			2,704,775
Total Telecommunication Services			10,182,947
MATERIALS: 3.9%
Chemicals: 2.6%
SSCP Co., Ltd.b	112,843		2,581,532
LG Chem, Ltd.	31,016		2,326,248
			4,907,780
Metals & Mining: 1.3%
POSCO ADR	21,500		2,558,070
Total Materials			7,465,850
ENERGY: 2.9%
Oil, Gas & Consumable Fuels: 2.9%
GS Holdings Corp.	96,517		3,769,514
S-Oil Corp.	28,750		1,833,902
Total Energy			5,603,416
TOTAL INVESTMENTS: 99.1%			190,824,591
(Cost $141,170,488c)
CASH AND OTHER ASSETS, LESS LIABILITIES: 0.9%			1,792,441
NET ASSETS: 100.0%		$	192,617,032

^a Certain securities were fair valued under the discretion of the Board of Trustees (Note A).

^b Non-income producing security

^c Cost of investments is $141,170,488 and net unrealized appreciation consists of:

Gross unrealized appreciation	$	63,343,788
Gross unrealized depreciation		(13,689,685)
Net unrealized appreciation	$	49,654,103

ADR American Depositary Receipt

See accompanying notes to schedules of investments.

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)

A. SECURITY VALUATION: The Funds’ equity securities are valued based on market quotations or at fair value as determined in good faith by or under the direction of the Board of Trustees (the “Board”) when no market quotations are available or when market quotations have become unreliable. The Board has delegated the responsibility of making fair value determinations to the Funds’ Valuation Committee (the “Valuation Committee”), subject to the Funds’ Pricing Policies. The Funds’ have retained third-party pricing services which may be utilized by the Valuation Committee under circumstances described in the Pricing Policies to provide fair value prices for certain securities held by the Funds. When fair value pricing is employed, the prices of securities used by a Fund to calculate its NAV differ from quoted or published prices for the same securities for that day. All fair value determinations are made subject to the Board’s oversight.

The books and records of the Funds are maintained in U.S. Dollars. Transactions denominated in foreign currencies are recorded at the current prevailing exchange rates. All assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the current exchange rate. Translation gains or losses resulting from changes in the exchange rate during the reporting period and realized gains and losses on the settlement of foreign currency transactions are reported in the results of operations for the current period. The Funds do not isolate that portion of gains and losses on investments in equity securities which is due to changes in the foreign exchange rate from that which is due to changes in market prices of equity securities. International dollar bonds are issued offshore, pay interest and principal in U.S. Dollars, and are denominated in U.S. Dollars.

Market values for equity securities are determined based on the last sale price on the principal (or most advantageous) market on which the security is traded. If a reliable last sale price is not available, market values for equity securities are determined using the mean between the last available bid and asked price. Securities are valued through valuations obtained from a commercial pricing service or at the most recent mean of the bid and asked prices provided by investment dealers in accordance with procedures established by the Board.

Foreign securities are valued as of the close of trading on the primary (or most advantageous) market on which they trade. The value is then converted to U.S. dollars using current exchange rates and in accordance with the Pricing Policies. Foreign currency exchange rates are determined as of the close of trading on the New York Stock Exchange, Inc. (“NYSE”)

Events affecting the value of foreign investments occur between the time at which they are determined and the close of trading on the NYSE. Such events would not normally be reflected in a calculation of a Funds’ NAV on that day. If events that materially affect the value of the Funds’ foreign investments occur during such period, and the impact of such events can be reasonably determined, the investments will be valued at their fair value as described above.

Foreign securities held by the Funds may be traded on days and at times when the NYSE is closed. Accordingly, the NAV of the Funds may be significantly affected on days when shareholders have no access to the Funds. For valuation purposes, quotations of foreign portfolio securities, other assets and liabilities, and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates.

B. ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 157 “FAIR VALUE MEASUREMENTS” (“FAS 157”): In September 2006, the Financial Accounting Standards Board issued FAS 157 effective for fiscal years beginning after November 15, 2007. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. The Funds have adopted FAS 157 as of January 1, 2008. The three levels of the fair value hierarchy under FAS 157 are described below:

—            Level 1 - quoted prices in active markets for identical securities

—            Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

—            Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to value the Fund’s net assets as of March 31, 2008 is as follows:

	Matthews Asia  Pacific Fund	Matthews Asia  Pacific Equity  Income Fund	Matthews Pacific  Tiger Fund	Matthews Asian  Growth and  Income Fund	Matthews Asian  Technology Fund
Level 1 – Quoted Prices	$48,975,077	$5,104,045	$164,929,813	$380,867,587	$47,047,542
Level 2 – Other Significant Observable Inputs	360,995,407	84,436,851	2,968,727,614	1,654,013,796	146,379,656
Level 3 – Significant Unobservable Inputs	0	0	0	25,692,008	0
Total Market Value of Investments	$409,970,484	$89,540,896	$3,133,657,427	$2,060,573,391	$193,427,198

	Matthews China Fund	Matthews India Fund	Matthews Japan Fund	Matthews Korea Fund
Level 1 – Quoted Prices	$138,786,044	$42,182,650	$15,830,682	$6,144,216
Level 2 – Other Significant Observable Inputs	1,344,745,064	959,377,746	179,367,272	184,680,375
Level 3 – Significant Unobservable Inputs	0	0	0	0
Total Market Value of Investments	$1,483,531,108	$1,001,560,396	$195,197,954	$190,824,591

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Matthews Asia Pacific Equity Income Fund		Matthews Asian Growth and Income Fund
Balance as of 12/31/07 (market value)	$2,115,979		$6,791,533
Transfers in/and or out of Level 3	(2,115,979	)	18,900,475
Balance as of 3/31/08 (market value)	$0		$25,692,008

C. TAX INFORMATION: Under current tax law, capital and currency losses realized after October 31 and prior to the Fund’s fiscal year end may be deferred as occurring on the first day of the following fiscal year. Post October losses at fiscal year end December 31, 2007 were as follows:

	POST   OCTOBER   CAPITAL   LOSSES	POST   OCTOBER   CURRENCY   LOSSES
Matthews Pacific Tiger Fund	$-	($220,413)
Matthews Asian Growth and Income Fund	-	(22,680)
Matthews Asian Technology Fund	(587,611)	-
Matthews China Fund	-	(19,959)
Matthews India Fund	-	(31,442)
Matthews Korea Fund	-	(10,385)

For federal income tax purposes, the Fund indicated below has capital loss carryforwards, which expire in the year indicated, as of December 31, 2007, which are available to offset future capital gains, if any:

LOSSES DEFERRED EXPIRING IN:		2008			2009			2010			TOTAL
Matthews Asian Technology Fund	($	1,570,881	)	($	5,967,059	)	($	3,461,198	)	($	10,999,138	)

For additional information regarding the accounting policies of the Matthews Asian Funds, refer to the most recent financial statements in the N-CSR filing at www.sec.gov.

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Matthews International Funds

By (Signature and Title)*	/s/ William J. Guilfoyle
	William J. Guilfoyle, President
	(principal executive officer)

Date May 22, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ William J. Guilfoyle
	William J. Guilfoyle, President
	(principal executive officer)

Date May 22, 2008

By (Signature and Title)*	/s/ Shai Malka
	Shai Malka, Treasurer
	(principal financial officer)

Date May 22, 2008

^* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, William J. Guilfoyle, certify that:

1. I have reviewed this report on Form N-Q of Matthews International Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 22, 2008	/s/ William J. Guilfoyle
		William J. Guilfoyle, President
		(principal executive officer)

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Shai Malka, certify that:

1. I have reviewed this report on Form N-Q of Matthews International Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 22, 2008	/s/ Shai Malka
		Shai Malka, Treasurer
		(principal financial officer)